JP Morgan raises GuocoLand to overweight
SINGAPORE - JP Morgan has raised its recommendation on GuocoLand to 'overweight' from 'underweight' and set a December 2007 price target of $6.00 for shares in the Singapore property firm after an investment in China.
JP Morgan analysts Christopher Gee and Joy Wang said in a note to investors that the market had yet to price in GuocoLand's $2 billion (US$1.3 billion) investment in a mixed-use property project in Dongzhimen, Beijing.
'The properties in this portfolio could, when completed, provide the seed investments for funds and Reits managed by the group's nascent funds management business.' -- REUTERS
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